The global bioplastics & biopolymers market size is expected to grow from USD 10.7 billion in 2021 to reach USD 29.7 billion by 2026, at a CAGR of 22.7%.
The increasing demand for bioplastics & biopolymers material in various end-use segments coupled with stringent regulatory and sustainability mandates concerning healthcare safety is driving the market for bioplastics & biopolymers. Additionally, the growing industrial development in the emerging economies, such as APAC and South America along with the rising demand for bioplastics & biopolymers are also driving the market demand.
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The key players in this market are BASF (Germany), Mitsubishi Chemical Holding Corporation (Japan), NatureWorks (US), Total Corbion (Netherlands), Toray Industries (Japan), Novamont (Italy), Biotec (Germany), Biome Bioplastics (UK), Braskem (Brazil), and Plantic Technologies (Australia). These players have adopted various strategies such as investment & expansion, merger & acquisition, partnership & agreement, and new product launch in order to strengthen their market position.
For instance, in April 2021, NatureWorks announced a new strategic partnership with IMA Coffee, which is a market leader in coffee handling processing and packaging. This partnership aims at increasing the market reach for high-performing compostable K-cup in North America. NatureWorks is jointly owned by PTT Global Chemical (Thailand) and Cargill (US). It manufactures biopolymers derived from renewable resources, such as corn, starch, and vegetable oils. It is among the leading advanced material companies and offers a broad portfolio of renewably sourced polymers and chemicals for the packaging and chemical industries. The company offers Ingeo Biopolymer, which is used in 3D printing, beauty and household, building & construction, food & beverage packaging, medical & hygiene, and other applications. It also offers PLA-based biopolymer performance material designed for use in fresh food packaging and food service ware applications. NatureWorks operates in North America, Europe, and APAC, with manufacturing facilities in the US.
Braskem was founded in 2002, with the consolidation of six companies, namely, Copene, OPP, Trikem, Proppet, Nitrocarbono, and Polialden. The company operates in the chemical and petrochemical industry and thus, plays an important role in other production chains that are essential to economic development. The company produces polyethylene (PE), polypropylene (PP) and polyvinylchloride (PVC) resins, in addition to basic chemical inputs such as ethylene, propylene, butadiene, benzene, toluene, chlorine, soda, and solvents, among others. The company offers bioplastics through its biopolymers segment. Braskem is the first company that started to produce on a world scale unit BIO- PE which is made out of sugarcane. The company produces 16 million metric tons per year of thermoplastic resins and other chemical products. It exports the products to clients in approximately 100 countries and operates 41 industrial units, which are located in Brazil, the US, Germany, and Mexico as well as 16 regional offices in other countries to provide integrated solutions for clients. the latter in partnership with the Mexican company, Idesa.
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